SABA_INVESTMENTS_LTD - Accounts

SABA INVESTMENTS LIMITED - Company Information

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Company Registration No. NI024322 (Northern Ireland)

SABA INVESTMENTS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

SABA INVESTMENTS LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SABA INVESTMENTS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

10,250,139

10,826,109

Current assets

Stocks

693,181

671,870

Debtors

1,959,853

516,891

Cash at bank and in hand

209,515

699,053

2,862,549

1,887,814

Creditors: amounts falling due within one year

(2,514,037)

(1,904,345)

Net current assets/(liabilities)

348,512

(16,531)

Total assets less current liabilities

10,598,651

10,809,578

Provisions for liabilities

(1,214,054)

(1,431,187)

9,384,597

9,378,391

Capital and reserves

Called up share capital

100

Revaluation reserve

4,064,442

4,532,093

Profit and loss account

5,320,055

4,846,198

Shareholders' funds

9,384,597

9,378,391

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 April 2015

Mr S,N R McKibbin

Director

Company Registration No. NI024322

SABA INVESTMENTS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for property development and sales, rent and service charges, net of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

No depreciation charged

Plant and machinery

25% per annum

Computer equipment

15% per annum

Fixtures, fittings & equipment

25% per annum

Capitalised Ground Rents

1.5

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value.

1.6

Deferred taxation

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Provision has now been made for deferred tax on gains recognised on revaluing property to its market value.

SABA INVESTMENTS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 April 2013

10,855,334

Additions

111,399

Revaluation

(684,784)

Disposals

(750)

At 31 March 2014

10,281,199

Depreciation

At 1 April 2013

29,226

Charge for the year

1,834

At 31 March 2014

31,060

Net book value

At 31 March 2014

10,250,139

At 31 March 2013

10,826,109

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary Shares of £1 each

100